ESIC issued a circular on January 3, 2025, formalizing an agreement with the State Bank of India (SBI) to ensure zero collection charges for processing ESIC contributions.
This is an important update for all stakeholders regarding the collection of ESIC contributions
Key Highlights:
- Agreement Signed on July 20, 2024: ESIC and SBI entered into a banking agreement aimed at facilitating the collection of ESIC contributions.
- Multiple Payment Methods: The agreement allows contributions to be collected via various methods:
a. SBI Net Banking (INB Channel)
b. Other Banks’ Net Banking (Payment Gateway)
c. Offline Mode (Cash/Cheque at SBI Branch).
Zero Collection Charges: Effective from February 3, 2024, there will be no charges levied by SBI for the transactions as per the agreement’s clause 6.1.
Reversal of Charges: For any charges imposed by SBI from February 3, 2024, until the agreement date, the charges will be reversed and credited back to the concerned accounts.
ESIC has directed all concerned authorities to take immediate steps to ensure the implementation of this agreement and ensure compliance with the terms set out. The update promises significant relief for all contributors as it eliminates transaction charges and simplifies the process.